USD/TRY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Situation in this pattern is rather interesting. Technical indicators give strong aggregate signal about the further appreciation of the pair. However, we should pay attention to the fact that quite a few  technical indicators give individually neutral outlook. In addition to this, 71% of all open positions on the pair are short and pending orders are equally divided between the long and short traders. All in all, we should continue seeing rather volatile movements. In the short term we should experience a sell off, but overall bullish trend in the medium and long term should prevail.

© Dukascopy Bank SA
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Fri, 12 Jul 2013 14:17:23 GMT

EUR/GBP 4H Chart: Rising Wedge

As anticipated pair moved towards the pattern's support rather neatly and bounced from it. However, daily PP at 0.863 unexpectedly put more than anticipated pressure on the pair and pushed it to the pattern's support once again. However, it should be pretty safe to say that this should be bears capitalizing on the recent sell of. We could say so

Fri, 12 Jul 2013 14:16:09 GMT

EUR/JPY 4H Chart: Channel Down

Taking into account recent depreciation of the Japanese Yen, a channel down formed by EUR/JPY looks rather unusual. However, this retracement can end soon and we will observe further appreciation of the single currency versus the Japanese Yen, as the majority of technical indicators on aggregate are sending "buy" signals. In case of an upside breakout, higher prices are expected.

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